RALEIGH, N.C., Feb. 12, 2014 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE: TCAP ) ("Triangle" or the "Company"), a leading provider of capital to lower middle market companies, today announced that due to the Company's significant amount of realized long term gains during 2013, its board of directors has declared two special cash distributions to shareholders totaling $0.30 per share. The distributions will consist of two equal payments of $0.15 per share in March and June of 2014. The distributions will be in addition to Triangle's annualized fourth quarter 2013 dividend of $0.54 per share, thereby equating to an annual cash payout of $2.46 per share.
Garland S. Tucker, III, the Company's Chairman and CEO, stated, "We are extremely pleased that our investment portfolio has generated significant long term capital gains and that we are in a position to share those gains with our stockholders through distributions that are in addition to our normal quarterly dividends. These distributions are a direct result of Triangle's successful strategy of investing in high quality companies in the lower middle market."
Triangle's special distributions will be payable as follows:
| Record Date: | March 5, 2014 |
| Payment Date: | March 26, 2014 |
| Amount Per Share: | $0.15 |
| Record Date: | May 28, 2014 |
| Payment Date: | June 25, 2014 |
| Amount Per Share: | $0.15 |
At the time of its IPO in February, 2007, Triangle adopted a dividend reinvestment plan ("DRIP") that provides for reinvestment of dividends and distributions on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend or distribution, stockholders who have not opted out of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of the Company's common stock, rather than receiving cash.
When the Company declares and pays dividends and distributions, it determines the allocation of the distribution between current income, accumulated income and return of capital on the basis of accounting principles generally accepted in the United States ("GAAP"). At each year end, the Company is required for tax purposes to determine the allocation based on tax accounting principles. Due to differences between GAAP and tax accounting principles, the portion of each dividend distribution that is ordinary income, capital gain or return of capital may differ for GAAP and tax purposes. The tax status of our distributions can be found on the Investor Relations page of our website.
About Triangle Capital Corporation
Triangle Capital Corporation ( www.TCAP.com ) invests capital in established companies in the lower middle market to fund growth, changes of control and other corporate events. Triangle offers a wide variety of investment structures with a primary focus on mezzanine financing with equity components. Triangle's investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle's investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions. Triangle typically invests $5.0 million - $35.0 million per transaction in companies with annual revenues between $20.0 million and $200.0 million, and EBITDA between $3.0 million and $35.0 million.
Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). Triangle is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NYSE, federal and state laws and regulations. Triangle has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Triangle could have a material adverse effect on Triangle and its stockholders.
Forward Looking Statements
This press release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company's control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future and some of these uncertainties are enumerated in Triangle's filings with the Securities and Exchange Commission. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, each as filed with the Securities and Exchange Commission. Copies are available on the SEC's website at www.sec.gov and stockholders may receive a hard copy of the completed audited financial statements free of charge upon request to the Company at 3700 Glenwood Avenue, Suite 530, Raleigh, NC 27612. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.
Sheri Blair Colquitt Vice President, Investor Relations 919-719-4784 Steven C. Lilly Chief Financial Officer 919-719-4789
